Marine insurance cost set to rise

Hyundai Fortune containership fire Credit: Wikimedia/Ministerie van Defensie

Shipping companies are likely to face higher insurance costs from increased reinsurance pricing and growing exposures, according to a leading broker. World trade is reliant on shipping, with 90% transported by sea. Consequently, shipping companies are dependent on insurance and reinsurance, in particular liability and pollution cover provided by mutual insurers known as protection and indemnity (P&I) clubs. These clubs…

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